Due to concerns about landlords not declaring rental income to the PNG Internal Revenue Commission, PNG landlords will be required to register with a Taxation Identification Number (TIN) so that their leases will be validly recognised. This means that landlords will be subject to tax on their rental income (if they are not already subject to tax) and further stamp duty will need to be paid on the leases. Does this affect the tenant? Maybe - as they could be paying for the stamp duty on the lease. Secondly, any cost to the landlord generally ends up (not always) in an increase in rental. Meanwhile, the Government is expected to rake in K15 million in additional tax revenue for the forthcoming financial year alone. Could the Government use these additional K15million to free up more land for these renters to actually own a home? Thats seems to be a reasonable justification for this new proposal, dont you think hausples.pg/tic-required-for-valid-leases-in-png/
Posted on: Mon, 24 Nov 2014 02:48:01 +0000
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